Museum Plaza – A Second Chance (7/8/10)
When such diverse groups as the Greater Louisville Building and Construction Trades Council, the Justice Resource Center and the Fund for the Arts come together to support a proposal, chances are it's something that deserves strong consideration. And that's just how I'd describe Kentucky's plan to apply for a 100 million dollar federal loan that would jump start downtown's currently stalled Museum Plaza project.
If HUD approves this application, construction could resume within just a few months. And nothing would be more welcome.
It's important to note that no one is asking for a federal handout. It's simply a request that the government secure and guarantee the money from private investors, who would then be repaid by the Museum Plaza developers. Because they'll still need to secure an additional 140 million dollar construction loan, no one should fear they won't have sufficient "skin" in the game.
And all parts of the community will share the wealth, since HUD will require that over 50% of the jobs it makes possible will be made available to low- and moderate-income workers and people from surrounding counties outside Jefferson.
Museum Plaza has tremendous potential to benefit our city and region economically, architecturally and culturally. This is one second chance we can't afford to pass up.
I'm Bill Lamb and that's my…Point of View.